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Comex Trading Signals and Market News – 04 April 2016

INTERNATIONAL COMMODITY NEWS :

Silver futures were trading lower during noon trade in the domestic market on Friday as investors and speculators took a cautious approach ahead of March jobs data from the US which may dictate the timing of the US Federal Reserve’s next interest rate hike.The US economy may have added 205000 jobs in March down from 242000 in February analysts estimated.

Gold prices rose by 0.15 per cent on Friday ahead of a closely-watched US employment report for the month of March. The second quarter will kick off with March’s critical US jobs report which could provide key insight into the Federal Open Market Committee’s (FOMC) decision-making process when it meets next in late-April.

Crude oil prices fell by 1.52 per cent on Friday as investors brushed off manufacturing PMI surveys out of China for signals on demand and waited rig count data from the US services firm Baker Hughes. The Caixin manufacturing PMI for March came in at 49.7 compared with a level of 48.2 seen and 48.0 for the final in February. A level below 50 denotes contraction.

ECONOMY NEWS :

Bank of Japan’s (BOJ) new board member, Makoto Sakurai, on Friday flagged strong support for Governor Haruhiko Kuroda’s aggressive monetary easing and argued the case for bold policy measures to tackle deflationary challenges. But he also said the central bank should not expand stimulus recklessly to quicken the timing for achieving its 2 percent inflation target, indicating that there was no pressing need for immediate measures.

Investors ended a tough first quarter on a cautious footing, pulling cash out of equity, fixed income and money market funds in the final week, Bank of America Merrill Lynch (NYSE:BAC) said on Friday. The main beneficiaries in the week to March 30 were a range fixed income funds – investment-grade, emerging markets and inflation-protected bonds – but that was outweighed by a sizeable outflow from Treasury and government debt funds.

India hopes to receive one of the first loans issued by the China-led Asian Infrastructure Investment Bank (AIIB) later this year, as it looks to raise $500 million for solar power projects from the newly created lender, Indian officials said.Funding for clean energy projects would allay fears of environmental lobbyists that the bank’s relaxed lending criteria could promote dirty fuels like coal in developing economies, like India, that are in a hurry to ramp up energy output.